Last year was very eventful, to say the least, and it has brought upon many financial challenges from economic instability to outright financial security. However, now that we are through the thick of it and on our way to proper recovery, more and more people are welcoming the idea of practicing millionaire habits and shooting their shot at realizing greater financial success.
But, while we strongly support everyone adopting more positive habits into their lives, we also want to preface everyone’s journey with a warning that not all millionaire habits posted online indicate success. In fact, some of them can be misleading and are too idealistic, and we’ll do our best to go through each one.
There Are No Cheat Codes to Success
Before we dive straight into number one, we want to emphasize that there are no cheat codes to success, and even positive habits won’t give you a shortcut to financial freedom. Furthermore, any of the habits debunked below are still good habits to practice but understand that they aren’t a prerequisite to achieving any form of success.
#1 They Read Plenty of Financial Books
Ah yes, we all know the famous line of reading more. Every millionaire out there is completing many books every week to further expand their knowledge on finance, business, and investments. However, while reading books is good and all, not all millionaires are bookworms, and you certainly don’t have to be a bookworm to become financially successful. Some people find it difficult to sit and read through a book, and there’s nothing wrong with that because good money habits are showcased through their application.
- Track Your Spending: Rather than reading it from a book, do it in practice, and start tracking your spending. In doing so, you become more aware of your personal cash flow and where most of your expenditures end up going. By simply tracking your monthly expenses, you can easily spot out and fix troublesome spending habits and have more cash on hand every month in no time.
- Avoid Impulse Buying: We’re all guilty of rewarding ourselves after a hard day’s work, and most of us often resort to shopping online and getting ourselves a nice gift. However, discipline yourself and avoid impulse buying; you’ll find a lot of success with delayed gratification, and it can give you substantial amounts of capital you never thought you had.
#2 They Exercise Regularly and Have Perfect Diets
Other than books and journaling, another widespread belief is that millionaires and successful people regularly exercise, eat perfect diets, and never miss a single day of productivity. And while doing our best to achieve the same is commendable and helps us live a healthier and well-rounded lifestyle, they won’t guarantee financial success. Time clocked in at the gym and meal-prepping is wonderful, but that’s also time not spent crunching hours for the average salaryman. Sure, there are health merits to these good habits all around, but treating them as a cornerstone for financial success is quite a stretch.
- Invest to Understand: There’s nothing wrong with working out. In fact, we support it because it helps you keep fit despite your busy schedule. However, learn to manage your time and leverage it more towards investments for better understanding. The extra hour you would’ve used for the gym could also be invested in learning more about the financial markets or learning a high-income skill. So, take your pick!
#3 They’re Consistently Networking and Making Connections
Another common millionaire habit is the idea that they’re consistently networking and making profitable and long-lasting business connections. The professional relationships they establish and their leads become streams of income and potential partnerships for success. Sadly, as great as that sounds, connections aren’t always the answer. If you’re already a small business owner, meeting potential partners won’t magically solve logistics issues or guarantee general data protection for your company.
- Make Steady Progress: Focus on your strengths and address concerns and areas that you can immediately and actively make steady progress with. Of course, we’re not telling you to completely avoid networking because that in itself is also vital for business growth, but never allocate effort at the expense of fundamental operations crucial for a business to keep going.
Different Strokes for Different Folks
Everyone is different, and becoming financially successful is not a cookiecutter process that nearly anyone can jump on the bandwagon and reach. It takes time, effort, and everyone’s progress is unique to their story, so don’t expect the same habits to work as well for you. So, before you start stockpiling on financial books or start marketing your skills to every known entrepreneur in your locale, remember that our journey to financial success is uniquely different.